If you’re trying to determine whether it’s better to own or rent a home, there are many factors to consider. Both options have their merits and downsides. Owning a home might seem like the more overwhelming choice of the two, yet there are lots of reasons to consider it. Here are some of the major benefits to home ownership:
Buying a home is an excellent investment. The value of your property can increase naturally over time and even more so with every upgrade to your home. Even responsible upkeep can be enough to maintain and increase the value so that you can get a great price if you decide to sell. If your home is in a quickly growing area with popular schools, access to services and other desirable traits, you will hold incredible value by owning your own property.
When you own a home, your regular costs rarely fluctuate. While usage-based utility bills can certainly vary from one month to the next, your mortgage payment will always be the same. This makes budgeting easier and can help you prepare your finances. Property taxes and HOA fees are other examples of regular costs that you can expect on a set schedule.
Home ownership means you have complete flexibility with things like renovations and design. Rather than face restrictions and fees for painting the walls or putting up shelves, you can make those decisions yourself. You can tear down walls, build additions or even replace the roof at will. If your home has outdoor space, you can control your own landscaping design. Freedom to customize your home means the freedom to make it your own.
Home ownership is not for everyone. However, there are some excellent advantages to consider if you’re trying to decide on your next steps in real estate. Keep these things in mind to help you make the best choice.
Terese Ferrara is a long-time resident of the Bay Area and has been a partner with the Goss | Ferrara Real Estate Team. She and her husband raised their two daughters in San Jose, where she successfully continues to build her real estate career.
After earning a bachelor’s degree from San Jose State University, she went on to teach in the San Jose Unified School District for 9 years. Transitioning to real estate was a logical choice, utilizing her patient demeanor to educate all levels of buyers and sellers. Knowledge and experience demonstrate her vested interest in delivering the highest level of care and professionalism to every client. She consistently strives to exceed her client’s expectations throughout the entire real estate transaction and remains a trusted advisor long after each close.
As a board member on KW Bay Area Estates’ Associate Leadership Council (ALC), she aids in support of culture and professional development strategies for over 180 associates. Terese is also a Director for the Santa Clara County Association of Realtors Foundation, which supports community service initiatives in Silicon Valley.
Terese is the consummate real estate professional dedicated to providing unparalleled service to her clients through ongoing training and education, keeping her on top of the dynamic market and latest real estate trends. Her high-touch approach coupled with honesty and integrity support her commitment to her client’s real estate needs.
